Aave Crypto in Line for Huge Upside: Next Target Revealed!

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With BTC Clinching the $70k level again, the broader crypto market is also performing very well.

Aave crypto coin is having a Resistance Breakout. Once a price breaks above a resistance zone, it signals that buyers have absorbed all the supply from sellers at this level and price can resume it’s advance. Following a resistance breakout, the next closest resistance zone becomes a price target.

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Aave Crypto Price Analysis

  • Current Price: $79.71
  • Market Cap: $1.6 billion
  • 24-Hour Trading Volume: $128.8 million
  • Price Range (24H): $79.36 – $80.25
Aave Crypto Price Analysis
Img src- Altfins

Price is in an Uptrend. Price made a Higher High (above prior swing high) and a Higher Low (above prior downswing low of $71).

Series of Higher Highs and Higher Lows are indicative of an Uptrend. Price broke above $105 resistance and 200-day moving average (~$100) to signal resumption of uptrend with +15% upside potential to $120. Stop Loss at $96.

Weekly Price Analysis

  • Weekly High: $81.12
  • Weekly Low: $77.95
  • Weekly Change: -1.6%
  • Trend:ย Short-term trend is Up, Medium-term trend is Up and Long-term trend is Down.
  • Momentum:ย Price is neither overbought nor oversold currently, based on RSI-14 levels (RSI > 30 and RSI < 70).
  • Support and Resistance:ย Nearest Support Zone is $90.00, then $80.00.ย Nearest Resistance Zone is $118.00.

News Roundup

  • Record Deposits and Revenue: Aave has reached a milestone of $20 billion in deposits and an annualized revenue of $115 million. This has sparked discussions within the community about implementing a fee switch proposal.
  • DeFi Transformation: Aave is undergoing significant changes aimed at strengthening its position as a leading DeFi protocol. Co-founder Stani Kulechov has shared insights into Aave’s strategic plans.

This analysis provides a comprehensive overview of Aave’s current standing, recent trends, and future potential, reflecting its role and performance in the DeFi landscape.

For on-demand analysis of any cryptocurrency, join ourย Telegram channel.

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Harsh Panghal
Harsh Panghal

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